REI announces record 2018 sales

By Steve Frothingham

SEATTLE (BRAIN) — REI Co-op had record sales in 2018 of $2.78 billion, up 6 percent over the prior year. The co-op also said it added more than 1 million new members last year, bringing its total membership to 18 million.

Also during the year, REI invested $8.4 million into 431 nonprofits, returned $204 million to members through dividents and credit card awards, and gave $77 million to employees through profit sharing and retirement.

REI’s interim president and CEO Eric Artz said REI is working to scale sustainability efforts in the outdoor industry, and helping more people get outside by expanding into rentals and used gear.

“Today’s results show that doing good is good business. We have a strong foundation, but we must do more. As a community, we must confront the serious problems facing society,” said Artz. “Most of the U.S. population is disconnected from nature, spending more time inside than outdoors. We need to reverse that trend. Spending time outside isn’t only good for people’s health. It connects people to something bigger – a desire to fight for the future of life outside.”

REI plans to significantly expand its gear rental, used gear and gear trade-in options in 2019. New …read more

Via:: Bicycle Retailer and Industry News